Every Forex trader has a number of currency pairs that they follow. Some may follow a small number of pairs but with depth, while others may just skim through multiple pairs and take trades at first glance. This article is to speak about the idea of focusing, observing, studying, learning about a few selected pairs.
Focusing On A Single Pair
Choosing a single pair to focus on in the beginning may seem boring, but it will give you the insight that you need over the long term. Focusing on more pairs will get you distracted and make it harder for you to grasp the current situation. By really understanding what really drives the market, you would be able to forecast with greater accuracy and understanding. Sure, by watching more currency pairs you may be able to look for more opportunities, but opportunities which are subtle and require experience to spot will brush past you. Keep watching and capitalising opportunities on the current pair for two weeks or so.
Here's how to make that possible:
What's next?
Once you feel ready, you may feel like adding more pairs into your watchlist. You could start by adding 2 more and watching how it moves.
Adding 2 More Pairs
Choosing another 2 more currency pair may be a tad bit difficult, as it would require you to divert your attention. Choose 2 of your most readable pairs and add them to your Top 3. Trading them right off that bat may be too overwhelming, so watching them for a week is enough. The philosophy here is to get you accustomed to switching between pairs while still retaining the information of other pairs.
Here's how to make that possible:
Conclusion
There isn't a definite framework or method for how many currency pairs you should watch. This is just a way that I have concocted to better ease the adding of new pairs. Do you agree with this idea? If you do give me a like, if you have other thoughts, positive or negative, leave it in the comments below, and if you love it, share it.
Focusing On A Single Pair
Choosing a single pair to focus on in the beginning may seem boring, but it will give you the insight that you need over the long term. Focusing on more pairs will get you distracted and make it harder for you to grasp the current situation. By really understanding what really drives the market, you would be able to forecast with greater accuracy and understanding. Sure, by watching more currency pairs you may be able to look for more opportunities, but opportunities which are subtle and require experience to spot will brush past you. Keep watching and capitalising opportunities on the current pair for two weeks or so.
Here's how to make that possible:
- Choose a pair that you feel the most comfortable with
- Take notes on how the pair moves
- Determine the forces that dictate impulses or correction phases
- Understand how the pair moves at the top or bottom of the structure
- Understand how the pair moves at the middle of the structure
- Trade the pair for about 2 weeks or so
What's next?
Once you feel ready, you may feel like adding more pairs into your watchlist. You could start by adding 2 more and watching how it moves.
Adding 2 More Pairs
Choosing another 2 more currency pair may be a tad bit difficult, as it would require you to divert your attention. Choose 2 of your most readable pairs and add them to your Top 3. Trading them right off that bat may be too overwhelming, so watching them for a week is enough. The philosophy here is to get you accustomed to switching between pairs while still retaining the information of other pairs.
Here's how to make that possible:
- Choose 2 pairs that you feel most comfortable with
- Take notes on how the pair moves
- Determine the forces that dictate impulses or correction phases
- Understand how the pairs move at the top or bottom of the structures
- Understand how the pairs move at the middle of the structures
- Forecast the pairs, but do not trade them just yet
Conclusion
There isn't a definite framework or method for how many currency pairs you should watch. This is just a way that I have concocted to better ease the adding of new pairs. Do you agree with this idea? If you do give me a like, if you have other thoughts, positive or negative, leave it in the comments below, and if you love it, share it.